Euro is touching bullish targets 22/6/2023

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Positive trades dominated the movements of the euro against the US dollar within the expected bullish path during the previous technical report, touching the official targets targeted yesterday at 1.0970 and 1.1000, recording its highest level during today’s early trading at 1.0995.

On the technical side today, we tend to be positive in our trading, depending on the pair’s success in breaching the resistance level of 1.0940, and, more importantly, 1.0970, accompanied by the positive impulse of the simple moving averages that support the continuation of the bullish trend.

From here, with the steadfastness of daily trading above the previously breached resistance, which turned it into the support level of 1.0940, the bullish scenario remains valid and effective, towards the official target 1.1075, an expected official station, whose targets may extend later towards 1.1110.

Trading stability below 1.0940 postpones the chances of an expected rise, but does not cancel it, and we are witnessing a re-test of 1.0870/1.0860 before attempts to rise again.

Note: Today we are awaiting high-impact economic data issued by the British economy, “the interest rate decision and monetary policy summary,” and from the United States, we await the testimony of the Federal Reserve Chairman “about the semi-annual monetary policy report before the House Financial Services Committee. We may witness a high price fluctuation during the news release.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0935	R1: 1.1020
S2: 1.0875	R2: 1.1075
S3: 1.0840	R3: 1.1115